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Posted: June 4th, 2020
On April 29, 2016, Cousins Properties Inc. announced the acquisition of Parkway Properties Inc. Based on this takeover announcement:
1) Provide and discuss background information for both merging firms. Focus should be given on financial information for the period preceding the acquisition announcement. Also, provide information relating to the deal itself.
2) Discuss the potential motives (i.e., economic, strategic, and/or organisational) relating to the acquisition itself.
3) How much would you pay to acquire Parkway Properties Inc? Estimate the value of Parkway Properties in the year before the acquisition announcement using at least two valuation methods, one of which should be the DCF method. Clearly demonstrate assumptions, calculations and scenarios, as well as data sources.
4) Based on your valuation of Parkway Properties in sub-question 3 above, would you argue that Cousins Properties have over-paid, under-paid or the payment was fair? Is the Jensen’s free cash flow hypothesis related to this particular deal? How did the market respond to the acquisition announcement?
5) Calculate and discuss the acquisition premium that is paid to the target shareholders. Discuss the price run-up of the target firm in the period prior to the acquisition announcement. [15 points]
For the all the sub-sections above, please provide evidence from the literature where appropriate to support your arguments and views. Finance homework help
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